Equifax® Canada Expands Financial Data Exchange Engagement
03 Agosto 2022 - 1:00PM
Equifax Canada is deepening its commitment to promote a
consent-based approach to open banking and educating Canadians on
consumer-led banking by expanding its engagement with Financial
Data Exchange. A member of FDX since 2020, Equifax Canada’s Chief
Data Officer, Sandy Kyriakatos, has been appointed to the
non-profit organization’s board of directors. FDX is dedicated to
unifying the financial industry (FI) around a common set of open
banking standards. As a non-FI member of FDX, Equifax has a unique
ability to bring the industry together given its work with both
Financial Institutions and Fintechs in Canada.
On August 4, 2021, the Department of Finance released the
Advisory Committee on Open Banking’s final report, recommending
that Canada move forward with open banking and implement it by
January 2023. Open banking, a framework where banks enable
permissioned sharing of client data with other institutions, holds
the promise of providing Canadians with richer and more inclusive
banking experiences, but there’s a significant challenge.
“Most Canadians don’t know what open banking entails or how
their banking information would be used,” said Kyriakatos. “FDX
membership allows us to share in global best practices on open
banking, bridge the knowledge gap among consumers, and address any
concerns regarding data sharing. This appointment to FDX is an
opportunity for Equifax to continue our mission of helping
Canadians live their financial best by promoting a consent-based
standard for data interoperability and Open Banking.”
FDX Managing Director Don Cardinal commented, “We are thrilled
to have Equifax as a partner as we continue to make FDX federally
and provincially fit for purpose in Canada—from security, user
experience, and data structures to tools/utilities—for all Open
Banking/Open Finance ecosystem participants.”
What Canadians know about Open Banking
Equifax Canada and Leger Research conducted a national online
survey that found that just 34 per cent of Canadians understand
they can direct their financial institutions to share their banking
data with other institutions. This was especially true with younger
Canadians (under age 35). A little more than half say open banking
is simply having the ability to bank with any institution, while 44
per cent say it refers to banks sharing information about victims
of fraud with one another.
“As an industry we need to do a much better job of defining open
banking, which will get us to a simple mechanism giving consumers
transparency and control over the access and use of their financial
information,” said Kyriakatos. “Given how important data-sharing is
to open banking, we believe adoption is dependent on improving
awareness and education on how this framework could increase
consumer choice and improve financial outcomes for Canadians.
“With greater access to data in Canada, we can create more
holistic credit scores, increase fraud-prevention monitoring, and
drive financial inclusion.”
About Financial Data ExchangeFinancial Data
Exchange, LLC is a non-profit organization operating in the US and
Canada that is dedicated to unifying the financial industry around a
common, interoperable, royalty-free standard for secure and
convenient consumer and business access to their financial data.
FDX empowers users through its commitment to the development,
growth, and industry-wide adoption of the FDX API, according to the
principles of control, access, transparency, traceability, and
security. Membership is open to financial institutions, fintech
companies, financial data aggregators, consumer advocacy groups,
payment networks and other industry stakeholders. FDX is an
independent subsidiary of FS-ISAC. For more information and to
join, visit www.financialdataexchange.org.
About
EquifaxAt Equifax (NYSE: EFX), we believe knowledge drives
progress. As a global data, analytics, and technology company, we
play an essential role in the global economy by helping financial
institutions, companies, employers, and government agencies make
critical decisions with greater confidence. Our unique blend of
differentiated data, analytics, and cloud technology drives
insights to power decisions to move people forward. Headquartered
in Atlanta and supported by more than 13,000 employees worldwide,
Equifax operates or has investments in 24 countries in North
America, Central and South America, Europe, and the Asia Pacific
region. For more information, visit Equifax.ca.
Contact: |
|
Andrew Findlater |
Heather Aggarwal |
SELECT Public Relations |
Equifax Canada Media
Relations |
afindlater@selectpr.ca |
MediaRelationsCanada@equifax.com |
(647) 444-1197 |
|
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